Alaska § 43.55.019 - Oil or gas producer education credit.

§ 43.55.019. Oil or gas producer education credit.

 (a) A producer of oil or gas is allowed a credit against the tax levied by AS 43.55.011 (e) for        (1) contributions of cash or equipment accepted for direct instruction, research, and educational support purposes, including library and museum acquisitions, and contributions to endowment, by an Alaska university foundation or by a nonprofit, public or private, Alaska two-year or four-year college accredited by a national or regional accreditation association;

 (2) contributions of cash or equipment accepted for secondary school level vocational education courses, programs, and facilities by a school district in the state;

 (3) contributions of cash or equipment accepted for vocational education courses, programs, equipment, and facilities by a state-operated vocational technical education and training school, a nonprofit regional training center recognized by the Department of Labor and Workforce Development, and an apprenticeship program in the state that is registered with the United States Department of Labor under 29 U.S.C. 50 — 50b (National Apprenticeship Act);

 (4) contributions of cash or equipment accepted for a facility by a nonprofit, public or private, Alaska two-year or four-year college accredited by a national or regional accreditation association;

 (5) contributions of cash or equipment accepted for Alaska Native cultural or heritage programs and educational support, including mentoring and tutoring, provided by a nonprofit agency for public school staff and for students who are in grades kindergarten through 12 in the state;

 (6) contributions of cash or equipment accepted for education, research, rehabilitation, and facilities by an institution that is located in the state and that qualifies as a coastal ecosystem learning center under the Coastal America Partnership established by the federal government;

 (7) contributions of cash or equipment accepted for the Alaska higher education investment fund under AS 37.14.750 ;

 (8) contributions of cash or equipment accepted for the operation of a nonprofit educational resource center that supports academic achievement in grades nine through 12 by coordinating curricula and statewide competition in the subject areas of economics, science, social science, literature, music, art, mathematics, writing, speech, and interview skills and by providing student scholarships;

 (9) expenditures made to operate a child care facility in the state for the children of the producer's employees;

 (10) contributions of cash or equipment accepted by a child care facility in the state operated by a nonprofit corporation and attended by one or more children of the producer's employees; and

 (11) a payment to an employee of the producer made by the producer for the purpose of offsetting the employee's child care costs incurred in the state.

 (b) The amount of the credit is 50 percent of contributions.

 (c) Each public college and university shall include in its annual operating budget request contributions received and how the contributions were used.

 (d) A contribution claimed as a credit under this section may not        (1) be the basis for a credit claimed under another provision of this title; and

 (2) when combined with contributions that are the basis for credits taken during the taxpayer's tax year under AS 21.96.070 , AS 43.20.014 , AS 43.56.018 , AS 43.65.018 , AS 43.75.018 , or AS 43.77.045 , result in the total amount of credits exceeding $3,000,000; if the taxpayer is a member of an affiliated group, then the total amount of credits may not exceed $3,000,000 or the affiliated group; in this paragraph, “affiliated group” has the meaning given in AS 43.20.145 .

 (e) The credit under this section may not reduce a person's tax liability under AS 43.55.011 (e) to below zero for any tax year. An unused credit or portion of a credit not used under this section for a tax year may not be sold, traded, transferred, or applied in a subsequent tax year.

 (f) The department may, by regulation, establish procedures by which a taxpayer may allocate a pro rata share of a credit claimed under this section against monthly tax payments made during the tax year.

 (g) To qualify for a credit under this section, equipment must be appraised consistent with regulations adopted by the department to determine the value of the contribution for purposes of this section.

 (h) [Repealed, § 15 ch 15 SLA 2025.]  (i) Beginning January 1, 2030, and every five years thereafter, the Department of Labor and Workforce Development shall adjust the limit under (d) of this section for inflation, using 100 percent of the change over the preceding five calendar years in the Consumer Price Index for all urban consumers for urban Alaska, compiled by the Bureau of Labor Statistics, United States Department of Labor.

 (j) In this section,        (1) “school district” has the meaning given in AS 43.20.014 ;

 (2) “vocational education” has the meaning given in AS 43.20.014 .